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Markets Right Now: Trade tensions send US markets lower

NEW YORK (AP) - The latest on developments in financial markets (all times local):

4:00 p.m.

After some sharp early losses, stocks are closing only slightly lower after the U.S. announced tariffs on Chinese exports and China responded in kind.

Energy companies dropped with oil prices Friday, and industrial and technology companies also fell after the Trump administration announced a 25 percent tariff on $50 billion in imports from China.

China said it will put penalties of the same scale on U.S. goods.

The S&P 500 slipped 3 points, or 0.1 percent, to 2,779

The Dow Jones industrials average fell 84 points, or 0.3 percent, to 25,090 and the Nasdaq composite declined 14 points, or 0.2 percent, to 7,746.

Investors worried about a trade war sought the safety of bonds. The yield on the 10-year Treasury fell to 2.92 percent and high-dividend stocks rose.

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9:35 a.m.

Stocks are opening lower as the U.S. announces a 25 percent tariff on $50 billion in imports from China, ratcheting up a trade dispute.

China is expected to retaliate, and technology and industrial companies, which do a lot of business overseas, fell Friday.

Aircraft maker Boeing lost 2.4 percent and machine maker Caterpillar shed 1.9 percent. Both companies are members of the Dow Jones industrials, which fell 178 points, or 0.7 percent, to 24,996.

The S&P 500 slipped 11 points, or 0.4 percent, to 2,771 and the Nasdaq composite declined 38 points, or 0.5 percent, to 7,723.

Investors worried about a trade war sought the safety of bonds. The yield on the 10-year Treasury fell to 2.91 percent.

Indexes in Asia and Europe fell, although Japan's Nikkei rose 0.5 percent.

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